For a moment we stood aghast. Surely there must be some mistake! Then Drake, slapping me soundly on the back, exclaimed in excited tones: "Bethink thee, Aubrey, the old hag's words: 'Till the waters run dry'!"

"And what of that?" I replied, dull of comprehension.

"Simply that the treasure lies in the bed of the stream. We must divert its course and the hiding place will be revealed."

"Let me try," exclaimed the impetuous Felgate, and in spite of our protests he waded into the water, which seemingly rose no higher than his knees.

At the third step he suddenly lurched forward, threw out his arms in a frantic effort to regain his balance, then disappeared beneath the surface.

The next instant he reappeared; but though he kept his head above the water, his legs were held by the weeds, and a look of horror overspread his face when he realized the danger of his position.

Had we not been there, his fate would have been sealed; but, cautiously wading in, Drake holding my left hand, I extended my right arm towards him.

I grasped him with a great effort, and we dragged him out of the hole, his jack boot being wrenched from his foot by the unrelenting grip of the tendrils.

"You are right, Drake," he panted. "There's a deep hole there, and the treasure lies in it."

"Come, then, at once," said Drake, "to the village, and enrol every man who can use mattock and spade. We'll have a channel cut here" (indicating a semicircle of about forty yards in diameter), "and dam the stream on each side of this hole."